Health Affairs January 17, 2025
This past year featured key developments in the prescription drug policy area, including the implementation of significant prescription drug pricing reform legislation and the election of a new administration. In this article, I review five key developments from the past year and offer five items to watch for in 2025.
Looking Back: 2024
Inflation Reduction Act Implementation
In August 2022, President Biden signed into law the Inflation Reduction Act (IRA) of 2022, which included three significant reforms to Medicare’s system of drug pricing reimbursement. Briefly, the IRA 1) provided the Centers for Medicare and Medicaid Services (CMS) with the authority to negotiate the prices Medicare pays for a select number of high-cost drugs each year, 2) required manufacturers to...
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